Day: March 1, 2017

Update on LuLu Group’s Tax Case

The trial of the Official of the Directorate General of Taxation Handang Soekarno, and the Managing Director of PT EK Prima Ekspor (EKP, a subsidiary of LuLu Group International) Rajesh “Mohan” Rajmohanan Nair continues. In the hearing held on February 27, 2017, the court heard the account of several witnesses, including the Head the VI Tax Office for Foreign Investment (KPP PMA VI) Johnny Sirait. In his testimony, Johnny spoke on the role of Head of the Jakarta Special Regional Office for the Directorate General of Taxation Muhammad Haniv.

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Benny Tjokro v. Goldman Sachs et al

Five months have passed since the stock trader Benny Tjokrosaputro filed a lawsuit to the South Jakarta District Court against Goldman Sachs International and two other parties related to alleged illegal sales of Benny’s shares in PT Hanson International Tbk (MYRX). In the hearing held on February 28, 2017, Benny’s legal counsel submited their replik (a reply to the defendant’s plea) in response to the counter-lawsuit submitted by Goldman Sachs International.

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Market & Corporate Actions

Domestic investors opted to lock in profit in local stocks on Tusday (Feb 28), while foreign investors were back to buying. The composite index of the Indonesia Stock Exchange (IDX) only gained 0.07% to close at 5386 yesterday, as profit taking hit earlier gains. The index peaked at 5,406 on Tuesday. Foreign investors booked net buy of Rp120.7 billion, cutting year-to-date net sell to Rp1.77 trillion.

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The New Deputy Chief of Intelligence

On Monday (Feb. 27), the then Commander of the Greater Jakarta Regional Military Command (Pangdam Jaya) Maj. Gen. Teddy Lhaksmana handed over his position to Maj. Gen. Jaswandi. The day after, Teddy was made the new deputy chief of the National Intelligence Agency (BIN). Teddy, moreover, earned his third star just before retiring from service. This is the best retirement gift that Teddy can expect.

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FY16 Results & Outlook: LSIP & SIMP

PT London Sumatra Plantations (LSIP) Tbk, controllled by Salim Group, booked net profit of Rp594 billion last year, down 4.7% from 2015, despite 110% jump in the fourth quarter of 2016 due to rally in crude palm oil (CPO) prices. Shares of LSIP, however, have fallen almost 20% from its recent peak as investors were nervous about possible correction of CPO prices. They anticipate significantly higher output this year because El Nino impact has disappeared. Really?

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Selection of OJK Commissioners: Second Round

The committee tasked with selecting the new commissioners of the Financial Services Authority (OJK) for the 2017-2022 term (henceforth the Selection Committee) has announced the names of the 35 candidates that passed the second round of the selection process. It’s interesting that many big names were eliminated, including five current OJK Commissioners, a candidate from Golkar Party, and a candidate from the ruling party PDIP.

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Contracted Manufacturing

Amid falling output and declining new orders as well as sharply rising input costs, Indonesia’s manufacturing activity contracted again in February 2017. The Nikkei Indonesia Purchasing Managers’ Index (PMI) fell to a reading of 49.3 in February, sliding from 50.4 in the preceding month (a reading below 50.0 indicates contraction, while a reading above 50.0 points at expansion of the manufacturing sector). Meanwhile, buying levels remained unchanged.

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Matahari Dept Stores (LPPF): FY16 Results & Outlook

Shares of Matahari Department Stores (LPPF) ended lower by 2.5% to Rp13650 Tuesday (Feb 28). That means the stock has lost almost 40% its value from peak (June 2016) even though LPPF reported net profit of Rp2.02 trillion, an increase of 13.3% from 2015. Sales revenues and profitability softened in the fourth quarter of 2016.

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Property Players to Watch: Cempaka Group

PT Cempaka Bersama Maju (Cempaka Group) is an emerging property player with projects in various cities like Jakarta, Depok, and South Tangerang. The group is known as pioneer of apartment for students. The group also plans an initial public offering in the next few years. Who’s behind the Group?

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